June 28, 2013 | 11:28am ET

Contract negotiations between the Montreal Canadiens and Norris Trophy winner P.K. Subban haven't started yet, but you can be sure both parties are keeping a close eye on the marketplace.

Subban, 24, has one-year left on his contract that will pay him $3.75 million, though his salary cap hit is $2.875 million.

It's unclear when contract talks will start between the two parties, but a team source told TFP they've not yet begun.

Subban's camp and the Habs are watching how things unfold in Pittsburgh, as the Penguins are trying to sign Norris Trophy finalist Kris Letang to a long-term extension.

Thursday evening, Letang rejected an eight-year, $56 million contract offer pitched by Pittsburgh. The Penguins then rejected Letang's counter proposal, believed to be worth between $7.5 million and $8 million per season.

Letang's numbers should give both the Canadiens and Subban's representatives a clear indication that Subban's next contract will be worth in the neighborhood of $7 million to $8 million per season.

The Habs have $38 million in cap space committed to 13 players for the 2014-15 season. It's already being reported that next year's $64.3 million salary cap will climb to around $70 million for the 2014-15 campaign, giving teams like Montreal more room to play with.

Canadiens GM Marc Bergevin was well aware that Subban's next contract would likely be the richest in franchise history, and the Habs are supposedly prepared to make that happen.

Negotiations between the two sides will likely commence this weekend at the NHL Draft, though they're not expected to get serious until closer to the start of the new season.